Bitcoin

Here Is The Process Of Buying Bitcoin In Canada

Like other countries, use of Bitcoin and other digital currencies is still a new idea in Canada. Neither the bank nor the regulatory agencies have enough information about this technological concept.

As a Canadian seeking to venture in a new way to the land of milk and honey, you may be worried about how to go about buying this digital hotcake. Particularly, since the banks are yet to subscribe to the concept, it may be a stumbling block to your Bitcoin ownership desires.

But does it mean you cannot buy or sell the cryptocurrency coins in Canada? Of course, the answer is no. Buying these coins in the country is possible. This statement imposes a question: if it is possible, then how? Here are the two ways you can buy or sell Bitcoins in Canada:

Bitcoin

Registration

Bitcoin In Canada

1) Identity verification approach

This approach follows the anti-money laundering and know-your-customer policies. It protects you from unanimous traders and helps you to avoid falling into the hands of fraudsters. Here, you must reveal and verify your identity before you start trading on the platform. Naturally, the method follows standard signing up steps as follows:

a. Registration

Here, you click on the link of the exchange bureau you want to start trading in. Then, you proceed to select the type of account you want to sign up. It can either be personal or business. You enter your email, your password, and verify you are a human being. Upon completing the above steps, the exchange will send you a welcome email containing your client ID and a link to verify your identification.

b. Verifying your information

To legitimize your Bitcoin trading account, you are required to upload your identity documents. This is according to the money laundering and KYC policies which you must comply with before starting to trade.

In verifying your personal information, you need to upload colored scans of your driving license or passport, photos of you displaying your national ID, and a utility bill or bank statements with full details of your location and address. Once you are through with this step, you need to wait for 24-72 hours for your verification process completion.

c. Depositing or funding your Bitcoin trading account

Upon verification, you can proceed on to funding or deposit money in your account to start trading. Several options are available for you to do this. They include E-Transfer, Interac Online, Bank Wire, Crypto Capital, and Voucher among others. Each of the funding options has varying daily limits, transfer timeframe, transaction fee and verification requirement.

For instance, E-Transfer has no daily limits, it has a timeframe of 5 days, a transaction fee of 5% and you must be a verified trader. On the other hand, Voucher has a daily limit of up to $5000; it is instant. You do not pay a transaction fee, and verification is not a requirement.

And that is the first way how to buy Bitcoins in Canada. However, some people want to remain anonymous for some reasons or face difficulties in verifying the accounts. But the good this is you can also trade without signing up.

2) Non-verification approach

Under this method, all you need is your Bitcoin account email and cash in your bank. Here, you visit the trading platform such as MyBTC.ca and select your transfer option. Currently, this opportunity has three main ways which are Interac Online E-transfers, Flexepin vouchers, and prepaid debit and credit cards. Then, you will click on buy Bitcoin icon.

When you do this an information box will pop up where you will need to fill details on the number of Bitcoins you want to buy, your Bitcoin Wallet email, and your mobile number for receiving verification PIN. Then you will accept their terms and conditions and you good to go. All that will be remaining is processing your payments, and you will become a Bitcoin owner.